(a) Upon receipt of the application the Commissioner shall make investigation and after publication of notice, shall hold a hearing to hear any objections, if any, to the proposed organization.

(b) The Commissioner. may provide for the procedure and conduct of such hearing by regulation.

(c) If the Commissioner is satisfied after such hearing and investigation that the proposed corporation is formed for a legitimate purpose under this Title, and in conformance thereto, and that the character, financial responsibility, general fitness and competency of persons named in the application are sufficient, and that the approval of the application would be to the best interests of all concerned, then he shall approve the application and issue an order of such approval.

(d) If the Commissioner is not so satisfied, he shall endorse his disapproval thereon and return one (1) of the duplicate applications to the applicant together with his order of refusal containing his reasons thereof. An applicant receiving such an order may request a hearing by the Commissioner under §12206.

SOURCE: GC § 43154.